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Washington Prime Group Announces HomeGoods to Open at Mesa Mall

February 6, 2020 GMT

COLUMBUS, Ohio--(BUSINESS WIRE)--Feb 6, 2020--

Washington Prime Group Inc. (NYSE: WPG) today announced that HomeGoods will join the dynamic tenant lineup at Mesa Mall. As the only enclosed shopping center in the Grand Junction market, and the only one between Salt Lake City and Denver, Mesa Mall is western Colorado’s regional retail powerhouse.

HomeGoods will be located adjacent to JCPenney in the former Sports Authority space. There will be several additional tenant openings at Mesa Mall in 2020, including a newly constructed Dillard’s, which will be the first location within Grand Junction and will replace the former Sears space.

Contributing to the strong leasing demand, the majority of commercial development in Grand Junction is happening within a two mile radius of the center, with Mesa Mall situated in the core of the fastest growing retail, dining, lifestyle, and financial sector of the valley. In addition to the aforementioned tenants, Mesa Mall is home to in-demand anchors Cabela’s and Target. During the past 12 months, several new options have opened for guests at Mesa Mall including El Asadero, Sola Salon, The Kids Closet, Torrid, and Pump It Up Jump Zone.

In addition, Washington Prime Group is close to announcing another exciting national retailer to replace the former Herberger’s location.

Mesa Mall continues to benefit from an incredibly talented local management team. Paul Petersen, General Manager, is instrumental in executing the vision for Mesa Mall, and together with Marketing Director Tamara Krizman, the team has implemented a robust schedule of community events. Mesa Mall hosts nearly 100 events throughout the year which drive guest traffic, encourage extended visits and strengthen the town center as the gathering place to shop, play, eat and drink in the area. Learn more at www.shopmesamall.com.

About Washington Prime Group

Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase mall store occupancy and same-mall operating income; risks associated with the acquisition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; failure to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200206005674/en/

CONTACT: Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 orlisa.indest@washingtonprime.com

Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 orkim.green@washingtonprime.com

KEYWORD: UNITED STATES NORTH AMERICA OHIO COLORADO UTAH

INDUSTRY KEYWORD: SPECIALTY ENTERTAINMENT FOOD/BEVERAGE FASHION HOME GOODS RETAIL GENERAL ENTERTAINMENT RESTAURANT/BAR URBAN PLANNING REIT ARCHITECTURE OTHER CONSUMER WOMEN BUILDING SYSTEMS MEN FAMILY CONSUMER OTHER CONSTRUCTION & PROPERTY OTHER ENTERTAINMENT COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY DEPARTMENT STORES OTHER RETAIL

SOURCE: Washington Prime Group Inc.

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PUB: 02/06/2020 05:00 PM/DISC: 02/06/2020 05:00 PM

http://www.businesswire.com/news/home/20200206005674/en